28 September 2017

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Competition

Competition Commission of Singapore to oversee consumer protection in 2018 in line with international best practices

Corporate / M&A

ACRA revises Guidance relating to requirements on register of registrable controllers and register of nominee directors

ACRA issues Practice Direction No 1 of 2017 on “Rectification by Registrar under Section 12C(2)(a) of the Companies Act”

ACRA updates “Anti-money Laundering/Counter Financing of Terrorism Guidelines for Registered Filing Agents”

Singapore High Court provides guidance on factors in determining restoration of company that is struck off the register

Employment

English Court of Appeal finds restrictive covenant in employment contract that prohibits shareholdings in competitor to be impermissibly wide and in restraint of trade

Financial Regulatory

MAS (Sanctions and Freezing of Assets of Persons - Democratic People’s Republic of Korea) Regulations 2016 amended with effect from 31 August 2017

FinTech

Payments Council established by MAS sets up taskforce to develop common QR code for Singapore, MAS explores e-payments for heartlands

Tax

Parliament introduces Bill to amend Income Tax Act: Implementing Budget 2017 changes and other changes

Parliament introduces Bill to amend Goods and Services Tax Act: Changes to ease business compliance and improve tax administration

Parliament introduces Bill to amend Property Tax Act: Updating legislation and improving tax administration

General

PDPC consults on collection, use or disclosure of personal data where consent not practical or desirable, and mandatory data breach notification: Closing date for feedback extended to 5 October 2017

Singapore Court of Appeal finds Singapore most appropriate forum despite exclusive jurisdiction clause naming another country

Singapore High Court holds right to arbitrate not waived despite parties’ participation in earlier litigation proceedings

Regional News

Bank Negara Malaysia reissues Capital Adequacy Framework (Capital Components) and Capital Adequacy Framework for Islamic Banks (Capital Components)

Myanmar Ministry of Labour, Immigration and Population introduces new compulsory employment contract template

Myanmar Investment Commission issues notification on procedures for state and regional investment committees on investment and endorsement applications

Myanmar Telecommunications Law amended to specify offences relating to use of telecommunications network

Publications

The Rise of the Sustainability Reporting Megatrend: A Corporate Governance Perspective

Navigating the Waters of Sustainability Reporting

The Restructuring Review: Singapore chapter

International Comparative Legal Guide to Business Crime 2018: Singapore chapter

The Merger Control Review: Singapore chapter

A Step or a Misstep in Court: Preserving the Right to Arbitration

Deals

S$16 billion proposed acquisition of all issued and paid-up ordinary shares in the capital of Global Logistic Properties Limited

Establishment of a S$3 billion Euro medium term securities programme by Mapletree Logistics Trust

US$1 billion revolving facilities to Olam Holdings B.V.

Establishment of S$1 billion multicurrency medium term note programme and issue of S$200 million notes by Mercatus Co-operative Limited

S$900.6 million proposed acquisition of all issued units in Croesus Retail Trust

Issue of S$700 million notes due 2027 by Singapore Airlines Limited under its S$5 billion multicurrency medium term note programme

Issue of S$600 million notes due 2022 by Housing and Development Board under its S$32 billion multicurrency medium term note programme

US$400 million revolving facilities to Olam Treasury Pte. Ltd. and Olam International Limited

News

Allen & Gledhill announces admission of new Partner

Awards & Rankings

Allen & Gledhill and Rahmat Lim & Partners ranked Tier 1 in Asian Legal Business M&A Rankings 2017